Multi-risk insurance system and method

Abstract

A multi-risk insurance system and method are disclosed resulting in a single insurance policy with many coverages being included. These coverages include life, health, disability, major medical, critical illness, long-term care, automobile, homeowners, fire, theft, renters, personal liability, general liability and the like. The result for the insured is a savings in time and expense. The insurer lowers administrative costs, sales expenses and inefficiencies.

1 . A method for forming an insurance plan comprising the steps of: 
 collecting data concerning multiple insurance coverages, including life, health, disability, major medical, critical illness, long term care and property and casualty;    collecting data about an individual or other risk to be insured;    inputting said data about the individual or other risk and the coverages into a data processing apparatus;    collecting regulatory requirements;    inputting said regulatory requirements into said data processing apparatus;    selecting three or more coverages to form a policy;    comparing said policy with said regulatory requirements; and    displaying the resulting policy.    
     
     
         2 . A method as claimed in  claim 1  wherein: 
 the data about an individual includes information concerning one or more of the following subjects: sex, age, marital status, individual medical history, family medical history, usage of alcohol, tobacco and drugs, automobile driving record, credit report, financial statement, criminal record, current medical examination report and results, and any physical disabilities and impairment.  
 
     
     
         3 . An insurance system comprising: 
 a data processing apparatus having input means for receiving information and instructions;    said data processing apparatus having base product data and information concerning a prospective insured;    said data processing apparatus also having information concerning multiple insurance coverages including life, health, disability, major medical, critical illness, long term care and property and casualty;    a policy generated by said data processing apparatus based upon a selection of three or more of said insurance coverages; and    a display operatively connected to said data process apparatus for showing said policy generated by said data processing apparatus.    
     
     
         4 . A system as claimed in  claim 3  wherein: 
 the information concerning a prospective insured includes information concerning one or more of the following subjects: sex, age, marital status, individual medical history, family medical history, usage of alcohol, tobacco and drugs, automobile driving record, credit report, financial statement, criminal record, claim experience, current medical examination report and results, and any physical disabilities and impairments.  
 
     
     
         5 . A system as claimed in  claim 3  wherein: 
 base product data includes the probability of the event insured against occurring, the time value of money, the benefits promised, expenses and profits and contingencies.  
 
     
     
         6 . A system as claimed in  claim 4  wherein: 
 base produce data includes the probability of the event insured against occurring, the time value of money, the benefits promised, expenses and profits and contingencies.